Galaxy Digital’s assets under management (AUM) grew to over $3.1 billion in October from $2.2 billion in September, with its Ether-focused exchange-traded fund (ETF) cited as one of the main driving forces.
- The Mike Novogratz-led asset manager reported the preliminary AUM figure on Wednesday.
- Compared to the equivalent figure in 2020, the firm’s AUM has grown over 600% from $446.3 million at the end of October 2020.
- October’s performance can largely be attributed to Galaxy’s roster of Canadian ETFs, particularly its Toronto Stock Exchange-listed CI Galaxy Ethereum ETF (ETHX), the company’s global asset management head Steve Kurz said in an interview with Bloomberg.
- ETHX, which invests directly in the world’s second largest cryptocurrency ether, saw its price grow by over 28% in October, tracking a surge in the underlying asset’s value of over 40%.
- “From a market infrastructure and development of the asset class perspective, ether is picking up steam, probably the way bitcoin did a year-and-a-half ago,” Kurz said.